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Thursday, January 24, 2013

LIC hikes its stake in Cairn India by 2%

The largest insurer of
the country the Life Insurance Corporation (LIC) of India has hikes its
stake in Cairn India by 2.064% to 7.088%, according to a notification
on Bombay Stock Exchange. The trade was executed through various brokers
by a market purchase and was worth Rs 1,283 crore. The total number of
shares now being held by LIC in Cairn India now stands at 135,376,217.

The
company, however, decreased its stake in pharma company Sanofi India
and FMCG Tata Global Beverages. In Sanofi India, it sold about 4.64 lacs
shares amounting to a 2.01 per cent stake in the company, diluting its
total stake in the company to 3.06 per cent. This sale was carried out
between September 18 and December 26.

In Tata Global Beverages,
the insurance major sold about 1.28 crore shares (or 2.07 per cent) of
the total shares, bringing down its total stake in the company to 7.63
per cent. This sell-off was carried out between August 23 to December
26.

“Our investment is based on the performance of the
company vis-à-vis their competitors, market scenario, corporate
governance, track record and future earning. We normally do not get
influenced by internal happenings,” he added.

Recently, the finance ministry had allowed LIC to hold over 30% stake in any listed company.

Recently,
LIC informed the exchanges that it sold over two per cent stake in
Maruti Suzuki India over a period of time. After the sale, LIC's total
holding in the carmaker reduced to a little over 10 per cent.